Riyad Capital Tweaks Qassim Cement Co. Price Target After Q2 Earnings

08:05 AM EDT, 07/30/2026 (MT Newswires) -- Riyad Capital revised its price target on Qassim Cement Co. (SASE:3040) after the company published its financial statements for the second quarter, according to a Thursday first-look note. For the second quarter, the cement company's revenues declined 6% annually to 275 million Saudi riyals, which was slightly below the Riyad Capital estimate of 294 million riyals. Net profit, meanwhile, fell 15% year over year to 52 million riyals, which was well below the research firm's 62 million-riyal estimate and the market consensus of 69 million riyals. "The decline in earnings was driven by lower selling prices and higher fuel costs, despite higher volumes. 1H2026 subdued profits fell 19% Y/Y to SAR 120 mln, on lower volumes, prices, investment income, and higher fuel costs. Last month, the company announced that higher fuel prices are expected to increase total costs by +3%. We trim our target price to SAR 42.00 from SAR 44.00 per share, maintaining a Neutral stance," analysts said.